Business 207 Quiz 10

Business 207 Quiz 10 - Business 207 Quiz 10 ENTITIES...

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Business 207 Quiz 10 ENTITIES GENERALLY 1. Business = related series of transactions carried on for profit a. Owner owns intangibles 2. Concerns of owner of business: a. Control: how much decision-making authority does owner have + relative to other owners b. Rights to Profit: relative to other owners and gov taxation c. Liability for the Debts of the Business: can they get the house and car? d. Survivability of the Business: can owner pass business on to an heir? 3. Entities = legal fictions used to define the relationships between business owners and their co-owners and between the owner(s) and all third parties. (“forms of doing business”) a. Perello def: a bundle of legal rights, privileges and liabilities between the owner of a business and the rest of the world b. All entities are created by state law 4. Basic types of entities: a. Partnerships a.i. Sole proprietership b. Corporations c. Hybrids c.i. Limited partnership c.ii. Limited liability partnership c.iii. Limited liability company c.iv. S-corporation 5. A business ends when all of its activities cease and all debts are paid. 6. An entity ends when the legal existence ceases 7. Three exit strategies for closing down a business: a. Selling b. Winding up = all contractual obligations completed, assts sold, debts paid c. Bankruptcy = not all debts paid BUSINESS TORTS AND CRIMES 1. Anything that interferes with competition is seen as bad; some of it is illegal. a.
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This note was uploaded on 11/21/2011 for the course BUS 207 taught by Professor Perello during the Fall '03 term at Cal Poly.

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Business 207 Quiz 10 - Business 207 Quiz 10 ENTITIES...

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